Hong Zhang

Tsinghua University - PBC School of Finance

Phoenix Chair Professor of Finance

No. 43, Chengdu Road

Haidian District

Beijing 100083

China

http://www.hongzhang.info

SCHOLARLY PAPERS

35

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87

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117

Scholarly Papers (35)

Estimating the Dynamics of Mutual Fund Alphas and Betas

Number of pages: 40 Posted: 10 Mar 2005
Yale University - Yale School of Management, International Center for Finance, Columbia University - Columbia Business School and Tsinghua University - PBC School of Finance
Downloads 5,321 (1,715)
Citation 3

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Estimating the Dynamics of Mutual Fund Alphas and Betas

The Review of Financial Studies, Vol. 21, Issue 1, pp. 233-264, 2008
Posted: 26 Jun 2008
Columbia University - Columbia Business School, Yale University - Yale School of Management, International Center for Finance and Tsinghua University - PBC School of Finance

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2.
Downloads 3,859 ( 3,056)
Citation 3

Improved Forecasting of Mutual Fund Alphas and Betas

Yale ICF Working Paper No. 04-23, EFA 2005 Moscow Meetings
Number of pages: 42 Posted: 27 Jul 2005
Yale University - Yale School of Management, International Center for Finance, Columbia University - Columbia Business School and Tsinghua University - PBC School of Finance
Downloads 3,859 (2,993)
Citation 3

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Mutual fund performance, back test

Improved Forecasting of Mutual Fund Alphas and Betas

Review of Finance, Vol. 11, Issue 3, pp. 359-400, 2007
Posted: 14 Jul 2008
Columbia University - Columbia Business School, Yale University - Yale School of Management, International Center for Finance and Tsinghua University - PBC School of Finance

Abstract:

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G12, G13

3.

Dynamic Beta, Time-Varying Risk Premium, and Momentum

Number of pages: 58 Posted: 30 Jul 2004
Hong Zhang
Tsinghua University - PBC School of Finance
Downloads 1,563 (13,636)

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4.

The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?

Review of Financial Studies, Forthcoming, INSEAD Working Paper No. 2012/93/FIN, Asian Finance Association (AsFA) 2013 Conference
Number of pages: 91 Posted: 06 Aug 2012 Last Revised: 02 Oct 2015
Massimo Massa, Bohui Zhang and Hong Zhang
INSEAD - Finance, The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 1,251 (19,266)
Citation 21

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short-selling, earning manipulation, international finance, governance

The Unexpected Activeness of Passive Investors: A Worldwide Analysis of ETFs

The Review of Asset Pricing Studies, Vol. 9, No. 2, 2019
Number of pages: 90 Posted: 26 Feb 2013 Last Revised: 23 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 710 (42,551)
Citation 2

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ETFs, Subsidization, Banks, Shadow Banking, Distress

The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs

CEPR Discussion Paper No. DP11988
Number of pages: 53 Posted: 25 Apr 2017
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 1 (796,953)
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banks, Distress, ETFs, shadow banking, Subsidization

Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

Asian Finance Association (AsianFA) 2015 Conference Paper, PBCSF-NIFR Research Paper No. 15-01, INSEAD Working Paper No. 2015/12/FIN
Number of pages: 31 Posted: 03 Feb 2015 Last Revised: 19 Feb 2016
Yawen Jiao, Massimo Massa and Hong Zhang
University of California, Riverside, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 636 (49,313)
Citation 1

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short selling, hedge funds, 13F, informed demand, hedging

Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

CEPR Discussion Paper No. DP10471
Number of pages: 33 Posted: 16 Mar 2015
Yawen Jiao, Massimo Massa and Hong Zhang
University of California, Riverside, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Citation 4
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short-selling

7.

Air Pollution, Behavioral Bias, and the Disposition Effect in China

PBCSF-NIFR Research Paper
Number of pages: 78 Posted: 28 Jun 2017 Last Revised: 29 Oct 2020
INSEAD, INSEAD - Finance, Tsinghua University - PBC School of Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 634 (50,062)
Citation 8

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Air Pollution, The Disposition Effect, Mutual Funds

8.

Competition of the Informed: Does the Presence of Short Sellers Affect Insider Selling?

Journal of Financial Economics (JFE), Forthcoming, INSEAD Working Paper No. 2014/63/FIN
Number of pages: 51 Posted: 10 Dec 2014 Last Revised: 11 Dec 2014
INSEAD - Finance, National University of Singapore - NUS Business School, National University of Singapore (NUS) and Tsinghua University - PBC School of Finance
Downloads 554 (59,472)
Citation 9

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Short Selling, Insider Trading, Informed Trader, Market Efficiency

9.

Governance Through Threat: Does Short Selling Improve Internal Governance?

INSEAD Working Paper No. 2013/83/FIN
Number of pages: 60 Posted: 10 Jul 2013
Massimo Massa, Bohui Zhang and Hong Zhang
INSEAD - Finance, The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 539 (61,607)
Citation 3

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short selling, international finance, corporate governance, equity incentives

Saving Long-Term Investment from Short-Termism: The Surprising Role of Short Selling

INSEAD Working Paper No. 2015/11/FIN
Number of pages: 42 Posted: 03 Feb 2015 Last Revised: 07 Feb 2015
Massimo Massa, Fei Wu, Bohui Zhang and Hong Zhang
INSEAD - Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 259 (141,380)
Citation 1

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Short selling, Long-term Investment, R&D, International Finance

Saving Long-Term Investment from Short-Termism: The Surprising Role of Short Selling

INSEAD Working Paper No. 2015/11/FIN, Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 42 Posted: 14 Feb 2015
Massimo Massa, Fei Wu, Hong Zhang and Bohui Zhang
INSEAD - Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Tsinghua University - PBC School of Finance and The Chinese University of Hong Kong, Shenzhen
Downloads 202 (179,898)
Citation 1

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Short selling, Long-term Investment, R&D, International Finance

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

INSEAD Working Paper No. 2014/59/FIN, Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 35 Posted: 06 Nov 2014 Last Revised: 14 Feb 2015
Yi Dong, Massimo Massa and Hong Zhang
Shanghai University of Finance and Economics, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 455 (75,296)
Citation 1

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Blogs, Social media, Information provision, Competition

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

CEPR Discussion Paper No. DP10470
Number of pages: 34 Posted: 09 Mar 2015
Massimo Massa, Hong Zhang and Yi Dong
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics
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Blogs, Competition, Information provision, Social media

12.

Mutual Fund Risk and Market Share Adjusted Fund Flows

Journal of Financial Economics (JFE), Vol. 108, No. 2, 2013
Number of pages: 48 Posted: 22 Sep 2010 Last Revised: 31 Oct 2014
Matthew I. Spiegel and Hong Zhang
Yale University - Yale School of Management, International Center for Finance and Tsinghua University - PBC School of Finance
Downloads 400 (88,397)
Citation 25

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mutual funds, fund flows, fund returns

The Impact of Sin Culture: Evidence from Earnings Management and Alcohol Consumption in China

INSEAD Working Paper No. 2017/17/FIN, PBCSF-NIFR Research Paper
Number of pages: 56 Posted: 30 May 2016 Last Revised: 29 Oct 2020
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Central University of Finance and Economics, INSEAD - Finance, Renmin University of China - School of Business and Tsinghua University - PBC School of Finance
Downloads 370 (95,910)
Citation 3

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Culture, Earnings management, Alcohol, Geographic shocks

The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in China

CEPR Discussion Paper No. DP11475
Number of pages: 68 Posted: 06 Sep 2016
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Central University of Finance and Economics, INSEAD - Finance, Renmin University of China - School of Business and Tsinghua University - PBC School of Finance
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Alcohol, Culture, Earnings management, Geographic shocks

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 76 Posted: 21 Jan 2015
INSEAD - Finance, SKK GSB, Tsinghua University - PBC School of Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 285 (127,822)
Citation 7

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Trust, International Investments, Mutual Funds, Performance

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

CEPR Discussion Paper No. DP10472
Number of pages: 43 Posted: 09 Mar 2015
INSEAD - Finance, SKK GSB, Tsinghua University - PBC School of Finance and National University of Singapore (NUS)
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International Investments, Mutual Funds, Performance, Trust

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Tinbergen Institute Discussion Paper 14-079/IV/DSF76, Review of Financial Studies 2014, issue 27: page 3343-3387
Number of pages: 55 Posted: 04 Jul 2014 Last Revised: 26 Oct 2014
Melissa Lin, Massimo Massa and Hong Zhang
Erasmus University Rotterdam, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 173 (206,876)

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Mutual Funds, Information Diffusion, Country-Level Governance, Semi-public Information, Liquidity

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Forthcoming, The Review of Financial Studies
Number of pages: 53 Posted: 19 Aug 2011 Last Revised: 12 Sep 2014
Melissa Lin, Massimo Massa and Hong Zhang
Erasmus University Rotterdam, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 94 (329,693)

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governance, semi-public information, mutual funds, liquidity

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

INSEAD Working Paper No. 2016/86/FIN, Asian Finance Association (AsianFA) 2017 Conference, PBCSF-NIFR Research Paper
Number of pages: 44 Posted: 10 Nov 2016 Last Revised: 29 Oct 2020
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 254 (144,116)
Citation 2

Abstract:

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Trust, The Disposition Effect, Mutual Funds

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

CEPR Discussion Paper No. DP11474
Number of pages: 50 Posted: 06 Sep 2016
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 3 (771,626)
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Mutual funds, The Disposition Effect, Trust

17.

On the Dynamics of Corporate Bond Ownership

Number of pages: 67 Posted: 14 Aug 2014 Last Revised: 09 May 2016
Massimo Massa, Hong Zhang and Weina Zhang
INSEAD - Finance, Tsinghua University - PBC School of Finance and Department of Finance, National University of Singapore
Downloads 245 (149,919)

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corporate bonds; credit risk, institutional ownership; learning

18.

Can Rational Investors Overreact?

Number of pages: 50 Posted: 20 Mar 2005
Hong Zhang
Tsinghua University - PBC School of Finance
Downloads 216 (169,866)

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Cumulative uncertainty, Intermediate trading, Overreaction

Short-Sale Constraints and the Pricing of Managerial Skills

INSEAD Working Paper No. 2012/92/FIN
Number of pages: 65 Posted: 07 Aug 2012 Last Revised: 14 Aug 2015
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 197 (184,168)
Citation 2

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Managerial skills, mutual funds, short-sale constraint

Short-Sale Constraints and the Pricing of Managerial Skills

CEPR Discussion Paper No. DP10447
Number of pages: 51 Posted: 02 Mar 2015
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Managerial skills, mutual funds, short-sale constraint.

20.

Benchmarking and Currency Risk

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 44 Posted: 15 Mar 2012 Last Revised: 31 Oct 2014
Massimo Massa, Yanbo Wang and Hong Zhang
INSEAD - Finance, Sungkyunkwan University (SKK) Graduate School of Business and Tsinghua University - PBC School of Finance
Downloads 170 (209,938)

Abstract:

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mutual fund, currency risk, portfolio management

21.

Productivity, Asset Return, and International Index Momentum

EFA 2008 Athens Meetings
Number of pages: 38 Posted: 26 Feb 2008
Zhiwu Chen, Yangru Wu and Hong Zhang
University of Hong Kong, Rutgers University, Newark - School of Business - Department of Finance & Economics and Tsinghua University - PBC School of Finance
Downloads 162 (218,570)

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22.

The Economics of Hedge Fund Startups: Theory and Empirical Evidence

Journal of Finance, Forthcoming
Number of pages: 108 Posted: 13 Aug 2020
Pennsylvania State University, Texas Christian University and Tsinghua University - PBC School of Finance
Downloads 159 (222,081)

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Hedge Funds, Inceptions, Startups, Search Frictions

23.

Productivity, Asset Returns, and International Index Momentum

Number of pages: 38 Posted: 17 Mar 2008
Zhiwu Chen, Yangru Wu and Hong Zhang
University of Hong Kong, Rutgers University, Newark - School of Business - Department of Finance & Economics and Tsinghua University - PBC School of Finance
Downloads 117 (282,267)
Citation 1

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Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

INSEAD Working Paper No. 2014/57/FIN
Number of pages: 45 Posted: 25 Oct 2014
Massimo Massa, Hong Zhang and Xiaolan Zhou
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics - School of Economics
Downloads 105 (306,269)

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Private Equity, Relationship, Performance

Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

CEPR Discussion Paper No. DP10448
Number of pages: 44 Posted: 02 Mar 2015
Massimo Massa, Hong Zhang and Xiaolan Zhou
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics - School of Economics
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Performance, Private Equity, Relationship

25.

Catering Through Globalization: Cross-border Expansion and Misallocation in the Global Mutual Fund Industry

PBCSF-NIFR Research Paper
Number of pages: 97 Posted: 25 Apr 2018 Last Revised: 29 Oct 2020
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 89 (338,605)

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Globalization, Cross-Border Capital Flows, Mutual Funds, Skills, Market Efficiency

26.

Securities Lending and Corporate Financing: Evidence from Bond Issuance

Georgetown McDonough School of Business Research Paper No. 3695947, PBCSF-NIFR Research Paper
Number of pages: 36 Posted: 02 Oct 2020
Jennie Bai, Massimo Massa and Hong Zhang
Georgetown University - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 80 (361,007)

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securities lending, institutional investors, cost of capital, bond issuance, bond pricing

27.

Heterogeneity in Horizon, Equilibrium Clientele, and the Cross-Section of Value Premium

Number of pages: 36 Posted: 05 Mar 2008
Hong Zhang
Tsinghua University - PBC School of Finance
Downloads 76 (371,926)

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28.

The Boundaries of Law: Can US Private Enforcement Discipline Foreign Firms?

PBCSF-NIFR Research Paper
Number of pages: 49 Posted: 07 Apr 2020 Last Revised: 29 Oct 2020
INSEAD - Finance, The Chinese University of Hong Kong, Shenzhen, The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 64 (411,432)

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Lawsuits; Governance; Valuation; Corporate Financial Policy

Tax Evasion and Market Efficiency: Evidence from the FATCA and Offshore Mutual Funds

PBCSF-NIFR Research Paper
Number of pages: 50 Posted: 31 Aug 2020 Last Revised: 23 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 54 (453,818)

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tax evasion, FATCA, mutual funds, skills, market efficiency

Tax Evasion and Market Efficiency: Evidence from the FACTA and Offshore Mutual Funds

CEPR Discussion Paper No. DP15747
Number of pages: 46 Posted: 11 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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30.

Incentives and Matching of Heterogeneous Investors and Managers: Field Evidence from a Mutual Fund Scandal

INSEAD Working Paper No. 2014/29/EFE/FIN
Number of pages: 18 Posted: 06 Jul 2013 Last Revised: 09 Apr 2014
Henrich R. Greve and Hong Zhang
INSEAD and Tsinghua University - PBC School of Finance
Downloads 47 (470,088)

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Heterogeneous Investors and Managers, Market Matching, Optimal Contracts, Repeated Games, Mutual Funds

Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1%

PBCSF-NIFR Research Paper
Number of pages: 66 Posted: 31 Aug 2020 Last Revised: 01 May 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 38 (520,905)

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Financial Globalization, Income Inequality, Delegated Portfolio Management, Mutual Funds

Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1%

CEPR Discussion Paper No. DP15745
Number of pages: 54 Posted: 11 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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32.

Mergers and Acquisitions and the Value of Control

CEPR Discussion Paper No. DP11986
Number of pages: 49 Posted: 25 Apr 2017
London Business School, INSEAD - Finance, Tsinghua University - PBC School of Finance and PBC School of Finance
Downloads 5 (722,853)
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bargaining power, Business Groups, M&As, value of control

33.

When is Good News Not Good News? Opening Up the Black Box of Innovation for Family Firms

CEPR Discussion Paper No. DP11472
Number of pages: 66 Posted: 06 Sep 2016
National Tsing Hua University - Department of Quantitative Finance, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 2 (749,246)
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family firms, innovation, innovation strategies, under-diversification

34.

International Asset Pricing with Strategic Business Groups

CEPR Discussion Paper No. DP15746
Number of pages: 53 Posted: 11 Feb 2021 Last Revised: 15 Mar 2021
Massimo Massa, James O'Donovan and Hong Zhang
INSEAD - Finance, City University of Hong Kong (CityUHK) and Tsinghua University - PBC School of Finance
Downloads 0 (779,156)
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35.

The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation

CEPR Discussion Paper No. DP10445
Number of pages: 72 Posted: 02 Mar 2015
National Tsing Hua University - Department of Quantitative Finance, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 0 (779,156)
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Family firms, innovation, intangible investment